Future Farm Technologies said it signed a license agreement with AR E1, LLC (ARE1) to acquire the exclusive right to use ARE1’s patented technology in the cannabis industry.
“Future Farm and ARE1 will work together to merge augmented reality (AR) and ad-tech with the cannabis industry through the CannaCube Live platform,” said Future Farm.
“This transaction brings both an impressive portfolio of intellectual property as well as a very experienced development team whom have created over 300 AR apps for major clients like: Disney, Coca Cola, Colgate, Toyota, Kellogg, AT&T, General Motors, Ford, Pirelli, FedEx, Chevrolet, as well as many other blue chip clients …
“As consideration for the exclusive right to use AR E1, LLC’s patented AR technology in the cannabis industry, Future Farm agrees to issue 5,000,000 shares to AR E1, LLC, with up to an additional 5,000,000 shares payable in installments upon the completion of certain milestones, as set forth in the parties’ agreement.”
Future Farm CEO William Gildea said: “With this AR platform, we have a first mover advantage in the cannabis market.
“The AR market is estimated to grow to a $120 billion industry by 2020.
“This is a major opportunity for Future Farm to be at the forefront of this fast growing technology and merge it with cannabis, another of the fastest growing market sectors in the world.”